Superbonus: The 2027 Budget Bill Spreads the Final Instalment of 2023 Credits over Ten Years

Businesses that carried out works eligible for the Superbonus in 2023 by applying the invoice discount, and those that subsequently purchased the related tax credits, may have to revise their financial plans. Article 37 of the 2027 Budget Bill, currently before Parliament, provides that the final instalment of the credits relating to 2023 expenditure, originally usable in 2027, be spread over ten annual instalments. This change would not merely postpone the recovery period, but could significantly affect businesses' liquidity and their ability to use the credits in full.

What the provision states

For expenditure incurred in 2023, credits arising from the invoice discount or from assignment can generally be used in four annual instalments, from 2024 to 2027, by offsetting taxes and social security contributions through the F24 form. The proposed provision concerns the final instalment, requiring it to be divided into ten equal instalments. A business that expected to offset 50,000 euros in 2027 could therefore use only 5,000 euros in that year, deferring the remaining 45,000 euros to nine annual instalments which, according to initial interpretations, would fall between 2028 and 2036. The new allocation would apply to all holders of the credits concerned, regardless of the date on which they were acquired, while taxpayers who use the deduction directly in their tax return, credits relating to other bonuses or to years other than 2023, and credits already spread over ten years as a result of earlier elections would be excluded.

Effects on liquidity and the risk of losing the credits

The immediate consequence would be an increase in financing needs in 2027. Businesses that had planned to use the credits to offset taxes and contributions would have to find alternative resources, drawing on available liquidity or on bank financing, with the related costs. A more significant effect is added to this, namely the permanent loss of unused instalments. Current legislation does not allow the unused portion of the credit to be carried forward to subsequent years, nor does it allow a refund to be claimed. Since Article 37 does not change this principle, the restriction should continue to apply to the new annual instalments as well, as noted in a commentary published in a specialist publication. Consequently, in order to recover the credit in full, the business would need to have, every year until 2036, sufficient tax and social security liabilities to absorb the available instalment. A decline in activity, a reduction in payments or the cessation of the business could jeopardise this possibility. The problem would therefore be not only the deferral of the benefit, but also the uncertainty as to whether it can actually be recovered.

Checks to be carried out

Pending final approval of the law, the businesses concerned should check on the Italian Revenue Agency's platform the amount of credits usable in 2027 and identify those subject to the new rules. Should the text of the law under discussion be confirmed, it will be advisable to update cash-flow forecasts, quantifying the taxes and contributions that can no longer be offset according to the original schedule and assessing, where necessary, recourse to bank financing.

Planning should also extend to the 2028-2036 period, through an estimate of the tax and social security liabilities that can be offset in each financial year, in order to verify the capacity to absorb all the instalments. Particular attention should also be paid to any debts entered on the tax collection rolls, since where overdue amounts exceed 10,000 euros the legislation provides for the suspension of offsetting, with the risk of losing that year's instalment.

Finally, it remains necessary to follow the parliamentary process of the bill, during which the provision may be amended. For businesses, the key issue is the need to meet a greater immediate financing requirement against a recovery of the credits spread over a much longer period and not necessarily guaranteed in full.